Question

what happens when the saturated solution is allowed to cool

Answer 1

precipitation will occur

Answer 2

IT DEPENDS UPON THE TEMPERATURE AT WHICH THE SATURATED SOLUTION 
IS PREPARED. 
(1) if the saturated solution is made at room temperature then there will be no change 
(2) if the saturated solution is made at higher temperature than room temperature 
then there will be some undissolved solute will appear in the bottom of container of the solution .that undissolved solute will be in form of crystals & that is not called 
precipitate,